F M Investments LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

F M Investments LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, Holdings Channel.com reports. The firm bought 7,119 shares of the financial services provider’s stock, valued at approximately $240,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BAC. Barclays PLC grew its holdings in shares of Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after acquiring an additional 20,362,295 shares during the period. Alphinity Investment Management Pty Ltd boosted its position in shares of Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares in the last quarter. Darsana Capital Partners LP bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $177,970,000. Canada Pension Plan Investment Board boosted its position in shares of Bank of America by 143.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock worth $291,852,000 after purchasing an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $168,610,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC traded up $0.64 on Tuesday, reaching $38.37. 39,159,885 shares of the stock were exchanged, compared to its average volume of 41,775,906. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a one year low of $24.96 and a one year high of $38.42. The firm has a market capitalization of $302.72 billion, a PE ratio of 13.28, a PEG ratio of 1.66 and a beta of 1.39. The company’s 50-day simple moving average is $35.88 and its two-hundred day simple moving average is $32.57.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue was down 1.7% on a year-over-year basis. During the same period last year, the firm earned $0.94 EPS. Analysts expect that Bank of America Co. will post 3.17 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.50%. Bank of America’s payout ratio is 33.22%.

Analyst Ratings Changes

A number of analysts have recently commented on BAC shares. UBS Group reissued a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Jefferies Financial Group boosted their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research report on Tuesday, January 16th. Wells Fargo & Company upped their target price on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Finally, Evercore ISI lifted their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Hold” and an average target price of $38.53.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.